34.) Which of the following accurately describes the basis for reporting investments of endowment gifts by public and private, nonprofit colleges and universities?

a. Public colleges and universities carry endowment investments at historical cost; private, nonprofit colleges and universities carry endowment investments at fair value.

b. Public colleges and universities carry endowment investments at fair value; private, nonprofit colleges and universities carry endowment investments at historical cost.

c. Both public and private, nonprofit colleges and universities carry endowment investments at historical cost.

d. Both public and private, nonprofit colleges and universities carry endowment investments at fair value.